Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0585%/8h= +64.1% APRpaid last 24h +0.065%

Price spread now: Hyperliquid against Orderly+0.219%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Hyperliquid is 0.219% dearer against Orderly than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BIO_USDC	0.02882	0.0097	pay 0.0048% / 4h	2h 24m	$13K	—	10x
Short	Hyperliquid BIO	0.02888	0.0682	get 0.0085% / 1h	24m 34s	$756K	$217K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OrderlybpFee HyperliquidbpOrdersPrice spread, now +0.219%Rate

Funding earned: $122.88
Price spread: +0.219% → 0.000%: $21.86
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $129.74
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 60 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 60 min ago	2.25 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BIO on 15 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BIOUSD	−0.0666%	1h	0.02885	+0.120%	$11K	$6K	20x	as long as short
Lighter BIO	+0.0096%	1h	0.02886	+0.128%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDClong	+0.0097%	4h	0.02882	long leg	$13K	—	10x
Aster BIOUSDT	+0.0100%	4h	0.02883	+0.039%	$19K	$93K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02882	0.000%	$6.1M	$6.8M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02884	+0.069%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02883	+0.035%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02885	+0.104%	$1.4M	$266K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02881	−0.035%	$379K	$126K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02888	+0.208%	$550K	$124K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BIOUSDT	+0.0100%	4h	0.02882	0.000%	$1.3M	$519K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02883	+0.035%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02882	−0.003%	$33K	$70K	—	as long as short
BloFin BIO-USDT	+0.0149%	4h	0.02884	+0.069%	$262K	$9K	50x	as long as short
Hyperliquid BIOshort	+0.0682%	1h	0.02888	+0.219%	$756K	$217K	3x